2 February 2021
The Weekly

The federal government of Germany plans to support the department store group Galeria Karstadt Kaufhof with a loan of up to €460mn. These so-called subordinated loans are intended to bridge the company's difficult situation and secure jobs. Most recently, the trade association also turned to the federal government and asked for help for Karstadt Kaufhof, because up to 80,000 jobs were attached to the two department stores through suppliers and other companies. The department store group had only completed insolvency proceedings in the autumn in which it was able to get rid of €2bn in debt; 50 branches were closed and 4,000 jobs were cut. 130 department stores remain and in many inner cities, they are considered indispensable crowd pullers.

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